- The commission is reportedly made up of “Abu Dhabi Global Markets, SCA, State Asset Funds ADQ and Mubadala, Abu Dhabi Investment Office and professional services firm Mazars.”
- Six months ago, the Financial Action Task Force (FATF) put the United Arab Emirates (UAE) on its watch list for money laundering concerns.
Abu Dhabi has become one of the known crypto hubs to approve licenses for several branches of digital asset companies. Most recently, he established a government agency, the Abu Dhabi Blockchain and Virtual Assets Commission (ADBVAC), supervise Strengthen crypto regulation and promote the virtual asset industry within its jurisdiction.
Abu Dhabi City hosted the first meeting, organized by ADBVAC and chaired by Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Economic Development Authority and Chairman of the Securities and Commodities Authority (SCA). As part of the topic of discussion, the Commission seeks to introduce a regulatory framework to create a safe, sound and transparent ecosystem for digital assets. In addition, it strives to ensure that all cryptocurrency companies within its jurisdiction comply with anti-money laundering and anti-terrorist financing regulations.
The commission is reportedly made up of “Abu Dhabi Global Markets, SCA, State Asset Funds ADQ and Mubadala, Abu Dhabi Investment Office and professional services firm Mazars.”
The committee is mandated to support information exchange, encourage participants to best practice, and ensure that the blockchain and virtual asset space within the city is competitive.
UAE’s ongoing efforts to control the virtual asset space
Six months ago, the Financial Action Task Force (FATF) declared the United Arab Emirates (United Arab Emirates) On your watchlist for money laundering concerns. In response, Shorafa believes the body helps offset all known and expected risks.
The committee will bring together all relevant stakeholders to address key risks and key governance issues such as AML/CFT, investor protection, technology governance, custody risk, etc. to promote blockchain. , building a robust, credible and comprehensive regulatory and business ecosystem. and virtual assets.
The United Arab Emirates has also established the Dubai Virtual Asset Regulatory Authority (VARA), which joins Singapore, the United States, the United Kingdom, El Salvador and others to introduce cryptography. Interestingly, VARA took a dramatic step forward in the Metaverse by establishing Metaverse HQ in The Sandbox.
VARA was established jointly with the UAE Central Bank and the Securities and Exchange Authority and is responsible for services related to digital assets. This includes providing licenses and enforcing regulations for companies operating in the virtual asset industry.Also required to supervise
Formulation of strategic plans and policies regarding virtual asset activities, regulation and supervision of the issuance and provision of virtual assets and tokens, provision of regulations for virtual assets.
The United Arab Emirates has always embraced technology and has been one of the major countries to publish legislation on the regulation of virtual assets to solidify its role as a major player in the future global planning of virtual assets. The United Arab Emirates has always aimed to become the global center for blockchain technology and digital assets.